What are the Banks/Finance Providers offering in the midst of COVID-19?

 

We will update this blog as further information comes through.  If a bank/finance company isn't listed it means we are still waiting for some direction from them.  Keep an eye out

 

ASB

  • Waiver of home loan application, top-up, and re-documentation fees (Early Repayment Adjustment fees still apply).
  • A 90-day temporary overdraft facility at a concessional interest rate is available. (Subject to salary being credited to ASB account before 1 March 2020).

ASB’s lending criteria and terms apply.

Relief:

If the customer’s income has been impacted by COVID-19:

  • Interest only repayments on home loans for up to 6 months.
  • Mortgage repayment deferral for up to 6 months (interest will still be added to the loan, meaning their loan balance will increase).

If the customer has been impacted by any other COVID-19 related reason:

  • Interest only repayments on home loans for up to 3 months.
  • Mortgage repayment deferral for up to 3 months (interest will still be added to the loan, meaning their loan balance will increase).

Important note about mortgage repayment deferral: interest is still charged and added to the loan, meaning the loan balance will increase, and customers will likely pay more interest overall. Afterwards the repayments will likely be higher unless the loan term is extended.

ASB’s lending criteria and terms apply.

You can apply online at : "apply for support" at https://www.asb.co.nz/page/covid-19.html

 

ANZ

LOAN REPAYMENT DEFERRAL (LRD)

You can request to defer loan repayments on a ANZ Home Loans for up to 6 months.

This policy change applies to existing customers with Principal and Interest home loans, irrespective of LVR.

If you are in arrears or have excess on any accounts, you may still be eligible, but there are extra steps that ANZ will need to apply.

ANZ are still working on a solution for Interest Only home loans. These are not available on ANZ Flexible Home Loans. 

An LRD is only available for existing customers who are experiencing, or genuinely expect to experience, financial difficulties because of COVID-19.

INTEREST ONLY OPTIONS

As a temporary measure, ANZ are offering customers who meet their COVID 19 Simplified Affordability Assessment Process criteria (which we will discuss with you) an Interest Only term up to a maximum term of 12 months, OR, the remaining term of your fixed home loan interest rate up to a maximum term of 24 months.

 

BNZ

  • Six months Home Loan repayment deferral 
  • "interest only" repayments for up to 12 months. 
  • Reduce loan payments to the minimum level where possible

Please contact us if you require further information. 

 

SOVEREIGN

  • Waiver of home loan application, top-up, and re-documentation fees (Early Repayment Adjustment fees still apply).
  • A 90-day temporary overdraft facility at a concessional interest rate is available. (Subject to salary being credited to ASB account before 1 March 2020).

Sovereign’s lending criteria and terms apply.

Relief:

If the customer’s income has been impacted by COVID-19:

  • Interest only repayments on home loans for up to 6 months.
  • Mortgage repayment deferral for up to 6 months (interest will still be added to the loan, meaning their loan balance will increase).

If the customer has been impacted by any other COVID-19 related reason:

  • Interest only repayments on home loans for up to 3 months.
  • Mortgage repayment deferral for up to 3 months (interest will still be added to the loan, meaning their loan balance will increase).

Important note about mortgage repayment deferral: interest is still charged and added to the loan, meaning the loan balance will increase, and customers will likely pay more interest overall. Afterwards the repayments will likely be higher unless the loan term is extended.

Sovereign’s lending criteria and terms apply.

 

tsb

TSB will be offering support to customers who qualify by: 

  • Offering ‘Interest Only’ payments for up to six months
  • Offering a ‘Mortgage Payment Deferral’ for up to six months

The Mortgage Payment Deferral offer applies to TSB home loans. They do have other options available for qualifying customers with other types of lending. Please visit their website https://www.tsb.co.nz/help/covid-19/mortgage-repayment-deferral for further information.

 

WESTPAC

  • Six months Home Loan repayment deferral.
  • Interest only repayments for up to 12 months (process still to be confirmed)

Please contact us with regards to applying for one of these options.

 

AVANTI

  • Up to six months deferred payments on home loans and three months on personal loans.  Avanti change of circumstance form and send to us.

Avanti are also updating their website as information comes to hand https://www.avantifinance.co.nz/coronavirus-update

 

RESIMAC

Resimac request you complete a Hardship Application Form. These can be emailed to hardship@resimac.co.nz. They are currently unable to accept calls on our 0800 number at this time

Also contact us for further assistance

 

SELECT

Updated information from Select is available here

Select hardship fact sheet here

Select hardship application form here

Please contact us on info@ffgl.co.nz for further assistance.

 

  • Covid-19